Structures of Globalization

Flashcards covering key concepts, factors, and dynamics of the global economy, market integration, international institutions, global interstate system, and contemporary global governance.

What is trade liberalization?

It refers to the removal or reduction of barriers to international trade, such as tariffs, quotas, and trade restrictions, to promote the free and open exchange of goods and services between countries.

What are global value chains?

The international dispersion of production processes across different countries, where various stages of production are interconnected through trade and investment relationships.

What is financialization in the global economy?

The growing influence of financial markets and financial motives in the operation of domestic and international economies, involving the expansion of financial activities such as trading and speculation at the expense of traditional productive activities.

How do technological innovations influence market integration?

They break down geographical barriers, enable instantaneous communication and transactions, reduce transaction costs, and expand market access for businesses.

How do cultural convergence and cultural divergence impact global markets differently?

Cultural convergence leads to the spread of standardized products and global consumer cultures, whereas cultural divergence preserves cultural diversity and fosters niche markets catering to specific cultural identities.

How do income disparities affect global market integration?

They influence consumption patterns and purchasing power, leading to unequal access to goods and services, which can exacerbate income inequalities or offer opportunities for growth and poverty alleviation.

What are International Financial Institutions (IFIs)?

Institutions established by more than one host country to provide financial aid to other countries in need of monetary support.

What are three key examples of International Financial Institutions (IFIs) listed in the text?

The World Bank (WB), the International Monetary Fund (IMF), and the Asian Development Bank (ADB).

Why do International Financial Institutions (IFIs) impose loan conditions on recipient countries?

To ensure that borrowed funds are managed in ways that strengthen a country's ability to repay, such as implementing fiscal reforms, transparency measures, or policy adjustments.

What consequences occur when an International Financial Institution (IFI) declares a default on a country?

It results in a loss of investor confidence, restricted access to future credit, and stricter oversight.

What is protectionism, and what is a tariff?

Protectionism refers to strategies used by countries to shield local industries from foreign competition; a tariff is a tax placed on imported goods to make foreign products more expensive.

What constitutes a trade war?

A situation where countries repeatedly raise tariffs or other trade barriers against one another in retaliation after one country imposes initial import taxes.

What are sanctions in international economic context?

Restrictions placed by one country or group of countries on another to address political or security issues, including blocking trade, freezing financial assets, or banning technology exports.

What is the global interstate system?

The organized network of relationships through which sovereign states interact and manage their affairs in a world operating without a central global authority.

What is internationalism?

A political and ethical stance that supports cooperation among states to address shared concerns such as peace, security, environmental protection, and humanitarian welfare.

What is globalism?

An ideology emphasizing the deepening interconnectedness of the world through the cross-border movement of people, goods, capital, and information.

How does geopolitics influence the global interstate system?

It examines how geography, strategic locations, and natural resources (such as sea routes, chokepoints, and resource access) influence foreign policies, alliances, and power relations.

What is the key distinction between multilateral engagement and unilateral action?

Multilateral engagement relies on shared decision-making, negotiated rules, and collective responsibility through institutions, while unilateral action bypasses established procedures to pursue specific national interests or urgent needs.

What dilemma affects the governance of the global commons?

The tragedy of the commons, where shared resources like the atmosphere, oceans, and outer space face overuse and degradation because no single state bears full protection responsibility.

What four mass atrocities does the Responsibility to Protect (R2P) framework affirm that states and the international community share a responsibility to prevent?

Genocide, war crimes, ethnic cleansing, and crimes against humanity.